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20121224
20130101
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CSPAN 2
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CSPAN
Dec 31, 2012 10:00am EST
: madam speaker, when chairman bernanke first coined the phase the fiscal cliff he was describing the perfect storm. the fiscal cliff is not only sequestration, the impact of the budget control act, but also includes not limited to the expiration of the bush tax cuts, the unemployment insurance, the s.g.r., the a.m.t. patch, the debt limit, other tax provisions . ergo, the perfect storm. major issues that this republican controlled house will not address until the wealthy are protected. we must address a sufficient number of these provisions to avert the perfect storm. to do so we must work to building the public confidence so we can continue, continue steady growth in the economy and jobs. the true way to avert the cliff. this is why we must do what is best for the middle and working class first. extend the bush tax for the middle class,, tend unemployment insurance, s.g.r., a.m.t. patch, delay the sequestration. those items which we can all agree upon. we've got to get to work. thank you, madam speaker. i yield back the balance of my time. the speaker pro tempore: the gentlelady
CSPAN
Dec 28, 2012 2:00pm EST
looking at the bigger picture. host: what led to the fiscal cliff? guest: the fiscal cliff is the combination of a bunch of different tax and spending decisions made by washington, dating back over the past 12 years. we had the bush tax cuts that began in 2001 and 2003. we extended them under president obama. those are set to end on monday. $110 billion in annual spending cuts were agreed to under president obama as part of the debt ceiling negotiation. those begin on tuesday. we have the payroll tax cut in place for two years, takes about two percentage points off people's taxes, bill will end on monday. business tax breaks, bill will end on monday. the alternative minimum tax, which is confusing, but it would be a disaster if that was not taken care of, because it would raise the taxes of about 30 million americans for their 2012 income and 2013. and all the confusion could screw up the whole tax filing season. who knows when you will be filing your taxes, because the irs does not know which tax rates will be applied and who will be responsible for paying what. so it's go
Search Results 0 to 1 of about 2